Wed, Sep 16, 2020 – 9:00 AM
THE following companies saw new developments that may affect trading of their securities on Wednesday:
UOB, DBS, OCBC: Singapore banks are sticking to staffing plans made earlier in the year, including their commitments to retain jobs till the end of 2020. But they are actively managing staff costs as Singapore remains in the throes of its worst recession. It comes as UOB has instituted a wage freeze at this point.
Separately, The Business Times wrote on Wednesday that analysts are keeping faith with UOB’s organic wealth management play. UOB closed at S$19.42 on Tuesday, up S$0.05 or 0.3 per cent, DBS finished at S$20.35, down S$0.11 or 0.5 per cent, while OCBC closed flat at S$8.56.
Singapore Airlines (SIA): The national carrier is laying off its cadet pilots and cabin crew trainees as part of the 2,400 staff it is letting go in Singapore and abroad, under its retrenchment exercise. SIA shares closed at S$3.52 on Tuesday, up S$0.01 or 0.3 per cent.
ESR-Reit, Sabana Shari’ah Compliant Real Estate Investment Trust (Sabana Reit): Investment management firm Quarz Capital has raised its stake in Sabana Reit slightly from 5 per cent as at late-July to 6 per cent on Monday. In a statement, Quarz’s chief investment officer Jan Moermann reiterated Quarz’s and Black Crane Capital’s intention to vote down the proposed merger between Sabana Reit and ESR-Reit at the current transaction terms. Sabana Reit units closed flat at 37.5 Singapore cents on Monday, while units of ESR-Reit finished at 40 Singapore cents, up 0.5 cent or 1.3 per cent.
Q&M Dental Group: A subsidiary of mainboard-listed Q&M, Acumen Diagnostics, has been granted a licence to operate a clinical laboratory to conduct testing for the virus that causes Covid-19. Q&M shares ended at 47.5 Singapore cents on Tuesday, up 2.5 cents or 5.6 per cent, before this announcement.
Keppel Corporation: The conglomerate, through its unit Kepventure, has entered a joint venture with Liquid Group, a Singapore-based QR payment services provider, to develop and implement a customer reward programme for Keppel Group entities. Keppel Corp shares closed at S$4.14 on Tuesday, down S$0.02 or 0.5 per cent, before this announcement.